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Q&As
Financing a Build that’s Already in Progress
My self-build is currently at the stage of getting the slates on and has been financed by saving to that point. The land it was being built on hadn’t been purchased prior to the build starting, as it is on tenanted croft land and permission is required to de-croft. This process was delayed due to the pandemic and without it I couldn’t put the mortgage in place. The permission to de-croft has now been granted but because I started the build, I can’t get access to the self-build mortgages and am looking into how I secure finance to complete the build. It would require £45000 to finish. The build so far has been completed by individual tradesmen’s, all qualified, but not overseen by a specific engineer, although council building control has been involved at all stages.
One Answer
Firstly the fact that you have started the build without owning the land is a little risky (as you have spent money on something you don’t legally own), so hopefully this is now resolved and you own the plot. The Fact that you have started the build won’t stop you getting a mortgage but you will need to legally own the plot at the point of taking a mortgage. Obviously there are other factors to consider in terms of mortgage approval such as affordability, employment history, credit history etc, as well as location and all of this will need to be taken in consideration. You have also mentioned that your build hasn’t been overseen so far, this will be a problem and will need to be rectified to secure any lending on your property (and indeed to be able to sell the property on to anyone who would require a mortgage). In respect of rectifying this the only option you now have to take a retrospective warranty, which is possible due to the fact that building control have been involved in inspecting. Again it is better to sort this sooner rather than later, as the more work that is done the more the retrospective warranty is likely to cost.